You are most likely heard of Progressive insurance company.
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Progressive Exotic Car Insurance
Progressive is one of the best auto insurance companies out there that also offer sports, exotic, and luxury car insurance.
About Progressive insurance
The Progressive Corporation is an American insurance company founded on March 10, 1937. It is headquartered in Mayfield Village, Ohio, USA. With about 85 services, Progressive insurance provides insurance with reasonable prices and a combination of unique programs and discounts that can get you the most affordable policy.
This company insures vehicles, motorcycles, boats, trailers, RVs, PWC, commercial vehicles, and home, life, pet, and other insurance solutions through select companies. Progressive offers its products in all 50 states and Canada.
What cars are considered Exotic?
The definition of an exotic car is a car that is as expensive as a luxury vehicle, and it’s a rare vehicle. Exotic vehicles are unique because of the value of the car increase over time. These car brands are considered Exotic.
- Ferrari
- Bugatti
- Porsche
- McLaren
- Aston Martin
- Lamborghini
Luxury Car Insurance Companies + Cost
Exotic cars have extra high value, and maintaining and repairing them are exceedingly costly. These vehicles also cost much more than your average to insure, and most auto insurance companies don’t like to insure exotic cars due to the enormous risk they have proven to be.
Exotic cars are usually faster and more stylish than other vehicles, which again contributes to their risk and cost factors.
What are exotic cars to Progressive?
Most auto insurance companies categorize exotic cars by:
- Size
- Make
- Model
- Weight
- Horsepower
- Number of cylinders
However, Progressive insurer believes a vehicle that is “exotic” has distinct, out-of-the-ordinary features. Exotic cars are often limited (they are not massed produced), exclusive, customized, or they can be even concept cars (concept cars are not necessarily built for racing).
The high cost and performance of exotic vehicles increase the chances of theft. Also, the crash rates, and repair costs, are an increasing their risk to insurers.
Why are exotic cars so expensive?
Insuring an exotic vehicle is so expensive that premiums may cost you thousands of dollars per term. I ran some quotes, and some of them reached nearly six hundred dollars!!
Exotic cars are so expensive to insure due to their extreme and exceedingly high repair costs because the mechanic needs to use original replacement parts, and they may be hard to come by. Maintaining the performance and value of your car is another two reasons for high insurance rates.
Most auto insurance companies want to work with an authorized auto repair shop, which can be trouble for you because not all mechanics can fix your exotic car. This means paying out of pocket for repair costs, which can be thousands of dollars.
Some of the auto insurance providers out there automatically consider owners of exotic cars high-risk customers. I’m sure you know that high-risk drivers are charged with higher premiums, even with an everyday vehicle.
It is kind of unfair to classify exotic car owners as high-risk and penalized, but insurers only evaluate your car statistically based on the power of the vehicle.
What factors are considered in exotic car insurance?
Similar to auto insurance, exotic car insurance is based on:
- Your age
- Mileage
- Location
- The Car’s Make
- The Car’s Age
- Exterior Or Interior Condition of Your Car
Notice: If you have further questions, or you want to know what coverages you need for an exotic car if you want to insure it with Progressive, contact them via Chat on their website or;
Phone: 1-888-671-4405
Email: customerservice@progressive.com
